Hi There:
The client's fiscal year is 12/01 - 11/30.
After they closed 2019 last year, the ending balance in Retained Earnings (R/E) was wrong. I wasn't "here" last year. So, I don't know what happened then. I'm surprised that that situation was not diffused, right away.
Anyway, they wanted this R/E issue resolved prior to closing 2020. So, since they are on an old version of GP, I could not use the Reverse Historical Year button. So, I followed the old KB article on reversing the P/L account that was incorrectly coded as a BS account.
Doing so fixed R/E. But, the "balance sheet" account had a balance.
So, I followed the steps in the KB article to zero-out the "balance sheet" account using a dummy account. I zeroed-out the "balance sheet" account", deleted the dummy account in SQL, and ran Financial Reconcile for the years.
Still, the trial balance was wrong. So, I then used that same KB article to create a one-sided entry to "empty out" the amount in the R/E account using a dummy account which I deleted.
I took care to make sure that the appropriate "history" boxes were unchecked, when necessary.
Then, we closed 2020 as of 11/30/2020.
The client says that, now, all of the beginning balances of the balance sheet accounts for 2021 are completely wrong.
Since he, again, does not have the Reverse Historical Year button, the only thing that I know to do now is to use the journal entry's "Correct" button to reverse some of the entries that we did.
Ultimately, he simply wants to correct the beginning balances of the balance sheet accounts for 2020 and 2021. Without going into the database and deleting GL30000 records for the year 2020 and running Financial Reconcile, I don't know what to do besides use the "Correct" button.
Anyway, come Monday, we are going to test the use of the "Correct" button in a test company with a copy of this data.
Short of all of this, if anyone has any ideas on how to fix this messed up issue on this old version of GP, please let me know.
Thank you! Much appreciated!
John
